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<ul><li>Cryptocurrencies have been on a tear in 2024 as bitcoin continues to hover near record highs.</li><li>But it's not just the largest crypto tokens like bitcoin and ether that are rising.</li><li>Listed below are the 10 best performing cryptocurrencies so far in 2024.</li></ul>Cryptocurrencies have soared so far in 2024 as investor demand for spot bitcoin ETFs surge and <a href="https://www.businessinsider.com/bitcoin-halving-cryptocurrency-markets-investors-etf-spot-btc-supply-demand-2024-3#:~:text=Bitcoin's%20halving%20is%20expected%20in,%22sell%20the%20news%22%20event.">anticipation builds for the upcoming bitcoin halving event next month.</a>But it's not just the largest cryptocurrencies like <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> that have soared so far this year. Lesser-known crypto tokens are printing massive gains as enthusiasm towards the crypto sector rebuilds following the brutal 2022 bear market.Listed below are the 10 best-performing cryptocurrencies year-to-date that have a market value of at least $1 billion, according to data from CoinMarketCap. 10. Conflux<div type="image" title="CFX" height="515" width="628" msid="108882012" hostid="261" sizebytes="14412"></div>Ticker: CFX YTD performance: 150.2% Market value: $1.9 billion9. Pyth Network<div type="image" title="PYTH Network" height="526" width="629" msid="108882014" hostid="261" sizebytes="14756"></div>Ticker: PYTH YTD performance: 175.2% Market value: $1.3 billion8. Shiba Inu<div type="image" title="Shib" height="512" width="626" msid="108882017" hostid="261" sizebytes="14500"></div>Ticker: SHIB YTD performance: 187.6% Market value: $18.1 billion7. JasmyCoin<div type="image" title="JASMY" height="504" width="623" msid="108882020" hostid="261" sizebytes="14704"></div>Ticker: JASMY YTD performance: 222.7% Market value: $1.0 billion6. SingularityNET<div type="image" title="AGIX" height="531" width="623" msid="108882021" hostid="261" sizebytes="13592"></div>Ticker: AGIX YTD performance: 318.0% Market value: $1.7 billion5. Arweave<div type="image" title="Arweave" height="506" width="630" msid="108882023" hostid="261" sizebytes="12838"></div>Ticker: AR YTD performance: 328.9% Market value: $2.7 billion4. Fetch.ai<div type="image" title="FET" height="512" width="628" msid="108882026" hostid="261" sizebytes="13434"></div>Ticker: FET YTD performance: 374.2% Market value: $2.7 billion3. Pepe<div type="image" title="PEPE" height="512" width="621" msid="108882028" hostid="261" sizebytes="13220"></div>Ticker: PEPE YTD performance: 500.4% Market value: $3.3 billion2. FLOKI<div type="image" title="FLOKI" height="503" width="626" msid="108882030" hostid="261" sizebytes="13860"></div>Ticker: FLOKI YTD performance: 589.6% Market value: $2.3 billion1. dogwifhat<div type="image" title="dogwifhat" height="508" width="630" msid="108882032" hostid="261" sizebytes="13462"></div>Ticker: WIF YTD performance: 2,278.6% Market value: $3.6 billion

These are the 10 best performing cryptocurrencies so far this year

Cryptocurrency Taxation

Cryptocurrency Regulation

<ul class="summary-list"><li>Ether has surged 27% so far this year, outperforming bitcoin, which has gained 20%.</li><li>The second-largest cryptocurrency's gains are being fueled by hopes that it could be next to get ETF approval.</li></ul>The crypto ETF hype has found a new home: ether.Ether has surged 27% so far this year, surpassing bitcoin's gains of 20%. The second-biggest cryptocurrency's gains are being partially fueled by hopes that ether could be next in line after the approval of the spot bitcoin ETF. It marks a reversal from 2023, when bitcoin led the pack.Ether is currently trading at $2,282.32, after briefly breaching the $3,000 level on Tuesday. Meanwhile, bitcoin is trading at $50,921.01. Its market cap recently <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-crypto-market-cap-trillion-eth-investors-etf-2024-2?_gl=1*1qzx5va*_ga*MzE5NjcxNzA3LjE2OTU3NDM1ODY.*_ga_E21CV80ZCZ*MTcwODUzNTE3Mi41NDEuMS4xNzA4NTM1MzkwLjYwLjAuMA..">surpassed $1 trillion</a> for the first time in over two years, as the approval of ETF boosted demand and as a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-crypto-halving-blockchain-finance-markets-eth-btc-2023-8?utm_medium=ingest&amp;utm_source=markets">halving event</a> — which will reduce supply — approaches in April this year.The spot bitcoin ETF, which tracks the real-time price of the token unlike previous ETFs which wagered future prices, was approved in January this year. Since the <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-sec-approval-us-trading-btc-price-outlook-2024-1">SEC approval,</a> inflows into the 10 funds have notched $5.2 billion.And the excitement has bled into ether. Even in the derivatives space, open interest in CME Group's ether futures marketplace is close to hitting a record high.The total <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-crypto-market-cap-trillion-eth-investors-etf-2024-2?_gl=1*1qzx5va*_ga*MzE5NjcxNzA3LjE2OTU3NDM1ODY.*_ga_E21CV80ZCZ*MTcwODUzNTE3Mi41NDEuMS4xNzA4NTM1MzkwLjYwLjAuMA..">crypto market is now worth $2 trillion</a> for the first time since April 2022.Ether ETF applications have already been filed by the likes of VanEck and Ark 21Shares, and according to Standard Chartered, an approval could arrive in May, Bloomberg previously <a href="https://www.bloomberg.com/news/articles/2024-01-30/sec-is-likely-to-approve-ethereum-etf-in-may-standard-chartered-predicts-eth">reported</a>. Bernstein analysts have <a href="https://www.coindesk.com/markets/2024/02/19/ether-could-be-the-next-institutional-darling-bernstein-says/">also placed a 50% odds</a> that the ETF could be approved.

Ether is outperforming bitcoin as ETF hype fuels the second-largest cryptocurrency

Actor <keyword id="19897962" type="General" weightage="100" keywordseo="Tamannaah-Bhatia" source="keywords">Tamannaah Bhatia</keyword>, who made waves with her recent cameo in Stree 2, is in the news again — but for a very unexpected reason this time. The actor was questioned by the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (ED) in Guwahati on Thursday in connection with a high-profile <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case involving the ‘<keyword id="19984854" type="General" weightage="20" keywordseo="HPZ-Token" source="keywords">HPZ Token</keyword>’ mobile app, where several investors were allegedly duped on the pretext of <keyword id="23296351" type="General" weightage="20" keywordseo="cryptocurrency-mining" source="keywords">cryptocurrency mining</keyword>. The 34-year-old actor’s statement was recorded under the <keyword id="19912399" type="General" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA), according to the Press Trust of India (PTI). Bhatia allegedly received payments for making a "<keyword id="23595308" type="General" weightage="20" keywordseo="celebrity-appearance" source="keywords">celebrity appearance</keyword>" at an event linked to the app, though there were no incriminating charges against her. Initially called for questioning earlier, she deferred the summons due to professional commitments but appeared on Thursday, as per PTI. The money laundering probe is tied to an FIR filed by the <keyword id="21156024" type="General" weightage="20" keywordseo="cyber-crimes-unit" source="keywords">cyber crimes unit</keyword> of Kohima Police, where several accused were booked under the Indian Penal Code and Information Technology Act. The app in question, 'HPZ Token,' was reportedly used to deceive investors by promising hefty returns on Bitcoin and other cryptocurrency mining. For an investment of ₹57,000, investors were promised returns of ₹4,000 per day for three months, but payments were halted after the first round, and fresh funds were solicited. The ED’s investigation uncovered 299 entities involved, including 76 Chinese-controlled entities, accused of creating "shell entities" to launder funds. The agency seized assets worth ₹455 crore following searches across the country. This case is part of a broader crackdown on fraudulent online schemes and <keyword id="20454123" type="General" weightage="20" keywordseo="illegal-betting" source="keywords">illegal betting</keyword> tied to cryptocurrency investments. (With inputs from sources)

Why is actor Tamannaah Bhatia being questioned by the ED for a money laundering case?

<ul class="summary-list"><li>The bitcoin ETF boom is the cryptocurrency's "IPO moment," Bitwise CIO Matt Hougan said.</li><li>"It's in a new era of price discovery, and I think prices could go substantially higher from here."</li></ul>Since the start of 2024, the spot bitcoin ETF hype has driven the cryptocurrency up 40%, and the latest rally back toward all-time highs could be a watershed moment for the crypto, according to Bitwise CIO Matt Hougan. "This has been bitcoin's IPO moment," <a href="https://www.youtube.com/watch?v=VmmrLxfdHxk" target="_blank" rel="noopener">Hougan said on CNBC</a>. "It's in a new era of price discovery, and I think prices could go substantially higher from here."Bitwise has its own bitcoin ETF that was one of nearly a dozen approved by the Securities and Exchange Commission at the beginning of January. <a href="https://finance.yahoo.com/quote/BTC-USD/history/">Bitcoin</a> is trading around $63,000 on Thursday, edging closer back to all-time highs of $69,000. On Monday, technical analyst Katie Stockton said the currency still has a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-technical-breakout-suggests-more-upside-ahead-btc-2024-2">22% upside ahead.</a>Spot bitcoin ETFs, which allows investors to gain exposure to bitcoin without owning it, have attracted strong interest since their debut, with inflows surging since bitcoin's latest rally kicked off this month. BlackRock's ETF <a href="https://markets.businessinsider.com/news/etf/bitcoin-etf-blackrock-cryptocurrency-record-daily-inflow-rally-halving-crypto-2024-2?_gl=1*1bnc7ix*_ga*MzE5NjcxNzA3LjE2OTU3NDM1ODY.*_ga_E21CV80ZCZ*MTcwOTIyNTY2MS41NzguMS4xNzA5MjI1NzM5LjYwLjAuMA..">drew $520 million</a> in a single day this week, the second-largest ever influx into a US ETF. "I think there's an even bigger wave coming in a few months as we start to see the wirehouses turn on," Hougan said.The biggest buyers are retail investors, Hougan said, while independent advisors and hedge funds have also shown strong interest. "The supply-demand dynamic is just off the hook," he added.This week, 30,000 tokens were purchased through the ETFs, while bitcoin miners have produced less than three thousand, Hougan said. That mismatch between supply and demand could drive the price of bitcoin to as high as $200,000. The halving event scheduled for April 2024 will also drive scarcity. The bitcoin ETF craze has spilled over into other crypto assets. Excitement for a possible ether ETF has driven the token's gains by even <a href="https://markets.businessinsider.com/news/currencies/ether-bitcoin-price-return-comparison-cryptocurrency-market-etf-hype-investors-2024-2">more than bitcoin's so far this year.</a>"I think there's a good chance we'll see [an ether ETF approval] by the end of this year," Hougan said.

The bitcoin ETF boom is the cryptocurrency's 'IPO moment,' says the investment chief of a fund provider

Cryptocurrency Exchanges and Trading

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

<ul class="summary-list"><li>The number of bitcoin millionaires more than doubled in the last year to 85,400, a new report shows.</li><li>Bitcoin has rallied soaring 45% this year amid the excitement over new bitcoin ETFs. </li></ul>As crypto rallies, the number of bitcoin millionaires has more than doubled in the last year.According to a new report from New World Wealth and Henley &amp; Partners, the number of bitcoin millionaires has risen to 85,400, a 111% increase in 12 months.Meanwhile, the number of crypto millionaires in general soared to 172,300, up from just 88,200 last year, the report said. The rapid increase in crypto millionaires comes as newly approved spot ETFs in the US have pushed bitcoin to new highs in 2024. It his an all-time high above $73,000 in March. It has since pared that gain but is still up by about 45% to around $64,000. The price of bitcoin us up 138% in the last 12 months. New bitcoin ETFs have garnered over $50 billion in assets since hitting the market in January after a yearslong struggle to get the funds approved by the Securities and Exchange Commission. "The cryptocurrency landscape of 2024 bears little resemblance to its predecessors," Dominic Volek, Henley &amp; Partners' head of private clients, said in a press release."Bitcoin's rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital," he added.Crypto's total market value is now at $2.3 trillion, up 89% from its $1.2 trillion valuation last year.Volek added that as investors are now preparing for potential Solana ETFs, the series of industry milestones has set the stage for broader crypto adoption, "one where digital assets increasingly cross-pollinate with traditional finance and global mobility."Among those finding extraordinary success in the industry in the last year are six new crypto billionaires, making for 28 crypto billionaires worldwide. The report says most of those new crypto billionaires owe their success to bitcoin."Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings," Andrew Amoils, New World Wealth's head of research said.The authors of the report say that with so many new crypto millionaires and billionaires, there's more focus on which countries have the most crypto-friendly policies."Henley &amp; Partners has seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options in 2024," the report says.Singapore and Hong Kong are particularly attractive options for their tax policies and regulatory frameworks relating to crypto, among other factors, the report says.

The number of bitcoin millionaires has soared 111% in the last year as the cryptocurrency rallies

<ul class="summary-list"><li>Bitcoin is rising, with prices hitting a two-week high on Monday.</li><li>Investors are likely betting that Trump will win the election after he survived an assassination attempt.</li></ul>Bitcoin surged after former president Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/ex-secret-service-agents-how-trump-assassin-could-fire-shots-2024-7">survived an assassination attempt</a> on Saturday.The price of the digital currency hit a two-week high on Monday <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">topping $62,000</a> as investors bet that Trump, who has been a <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/trump-bitcoin-cryptocurrency-election-outlook-crypto-funding-regulation-biden-novogratz-2024-7">vocal supporter of cryptocurrencies</a>, would sweep to victory in November following the <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-butler-pennsylvania-rally-secret-service-2024-7">shooting at a rally in Pennsylvania</a>.Trump, who once criticized Bitcoin as <a target="_blank" class="" href="https://x.com/realDonaldTrump/status/1149472282584072192?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1149472282584072192%7Ctwgr%5Eba5defc389fa62f7860cc9843f24e80e81a19657%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fmarkets.businessinsider.com%2Fnews%2Fcurrencies%2Ftrump-bitcoin-cryptocurrency-election-outlook-crypto-funding-regulation-biden-novogratz-2024-7">"highly volatile" and "based on thin air,"</a> has become an outspoken supporter of crypto in recent months as he seeks to win over undecided voters.He has pledged to support crypto mining in the US if he wins a second term and previously <a target="_blank" class="" href=" https://www.businessinsider.com/donald-trump-hush-money-trial-crypto-bitcoin-nft-stormy-daniels-2024-5">attacked rival Joe Biden as having "no idea" what crypto</a> is.That rhetoric has won him the support of some Bitcoin advocates, with one cryptocurrency CEO telling <a target="_blank" class="" href="https://www.cnbc.com/2024/06/13/donald-trump-says-he-wants-all-future-bitcoin-to-be-mined-in-the-us.html">CNBC</a> the industry planned to commit more than $100 million to help Trump get elected.Trump also started accepting campaign donations in cryptocurrency and has experimented with his own line of NFTs.Carol Alexander, a professor of finance at the University of Sussex, told Business Insider the spike in Bitcoin was essentially a "knee-jerk reaction" to the shooting, with the rally unlikely to last.She said that dramatic price swings in the aftermath of major news events were a common feature of Bitcoin's volatility, adding that the <a target="_blank" class="" href="https://www.businessinsider.com/biden-trump-debates-polling-harris-election-2024-7">growing odds of a Trump victory</a> in November were being "interpreted as good news" for the crypto industry by traders.Trump is set to face off against President Joe Biden in November in a rematch of the 2020 election.The former real estate developer and Republican nominee currently has a <a target="_blank" class="" href="https://www.businessinsider.com/trump-beating-biden-debate-polling-election-2024-7">narrow poll lead</a> over Biden, who has <a target="_blank" class="" href="https://www.businessinsider.com/biden-white-house-aides-drop-out-election-2024-7">faced calls to step down</a> following a series of high-profile gaffes and a rocky first presidential debate.

Bitcoin surges after assassination attempt as investors bet on Trump returning to power

<ul class="summary-list"><li>Billions of dollars of customer funds were lost after the price of crypto dipped and FTX collapsed.</li><li>Prosecutors now say that Sam Bankman-Fried committed fraud and conspiracy when he oversaw FTX.</li></ul>The <a target="_blank" href="https://www.businessinsider.com/ftx-sbf-crypto-saga-explained-what-happened-what-it-means-2022-11">collapse of FTX </a>in 2022 wasn't the result of fraud or a deliberate scheme to steal from customers; it was just the nature of a volatile cryptocurrency market, Sam Bankman-Fried's attorney argued on Wednesday.<a target="_blank" href="https://www.businessinsider.com/how-ftxs-sam-bankman-fried-allegedly-spent-his-fortune-2022-11">Bankman-Fried</a>, the 31-year-old founder of crypto exchange FTX and <a target="_blank" href="https://markets.businessinsider.com/news/currencies/ftx-crash-client-funds-alameda-binance-sbf-sec-cftc-probe-2022-11">Alameda Research </a>trading firm, sat in for the second day of his trial in a Manhattan court on Wednesday where he faces <a target="_blank" href="https://www.businessinsider.com/what-hapened-to-ftx-sam-bankman-fried-caroline-ellison-history">seven criminal charges</a>. Federal prosecutors accuse Bankman-Fried of defrauding customers and siphoning their funds to make <a target="_blank" href="https://www.businessinsider.com/how-ftxs-sam-bankman-fried-allegedly-spent-his-fortune-2022-11#properties-1">outside investments</a> such as in real estate and political donations.Bankman-Fried has pled not guilty.His attorney, Mark Cohen, argued during opening statements on Wednesday that Bankman-Fried never intended to defraud anyone or mislead customers to get them to invest in FTX.And when it comes to the crypto exchange's collapse — causing more than <a target="_blank" href="https://markets.businessinsider.com/news/currencies/ftx-crypto-shortfall-billions-sam-bankman-fried-exchange-bankruptcy-ftt-2023-3">$8 billion</a> in customer funds to vanish — that was simply an unlucky outcome of investing in an unpredictable market with "many factors that no one can control," Cohen argued.In the lead-up to FTX's downfall last November, the cryptocurrency exchange's valuation peaked at <a target="_blank" href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-valuation-fundraising-crypto-winter-bitcoin-2022-1">$32 billion</a> while the price of some of the world's largest tokens such as <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-btc-bubble-crash-winter-invesco-ubs-investing-2022-1">Bitcoin</a> and Ether were in freefall. For the first time since 2021, the crypto market overall was worth less than <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-market-value-1-trillion-bitcoin-winter-ethereum-inflation-cardano-2022-6">$1 trillion</a> by June 2022.Today, crypto's total market cap stands at around $1.08 trillion, according to <a target="_blank" href="https://www.statista.com/statistics/730876/cryptocurrency-maket-value/">Statista</a>.That kind of turbulence is precisely what can overwhelm burgeoning companies like FTX, Cohen tried to argue.In overseeing FTX and Alamadea, "Sam believed they were both good companies dealing with a liquidity crisis and that they could get through it," he said. He later added, "It's not a crime to run a business."Prosecutors, on the other hand, argued that all of Bankman-Fried's crypto empire was "built on lies" and that the founder used his customer funds to funnel it to other investments without letting them know.An attorney on FTX's bankruptcy team last year said that Bankman-Fried ran his company like his "personal fiefdom" and that FTX spent almost <a target="_blank" href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-bankruptcy-collapse-crypto-exchange-houses-bahamas-2022-11">$300 million</a> on real estate in the Bahamas.While Cohen tried to play up the issue of the crypto market, several crypto executives and leaders believe that the problem lies in what they might characterize as fraudulent players like Bankman-Fried, not the digital currency itself."Sam should get convicted because he's a criminal," Sheila Warren, CEO of the Crypto Council for Innovation lobbying group told <a target="_blank" href="https://www.nytimes.com/2023/10/02/technology/crypto-insiders-sam-bankman-fried-conviction.html">The New York Times</a>. "The industry supports that because a lot of people felt burned by him."Qiao Wang, founder of Alliance, an accelerator for crypto start-ups, told the publication that people like Bankman-Fried have caused others to <a target="_blank" href="https://markets.businessinsider.com/news/currencies/ftx-collapse-crypto-crash-dot-com-bubble-tech-stocks-investing-2022-11">sour on the crypto world</a>."It hurts the industry," he told the newspaper. "I can't wait to see Sam get punished."

SBF's attorney tried to blame the FTX collapse on the turbulence of cryptocurrency in general

<ul class="summary-list"><li>Donald Trump was not always a crypto supporter, but he's recently voiced strong support for the industry. </li><li>Political spending by the industry has made crypto an election issue for both parties, a source told BI.</li></ul>At a campaign fundraising event in June, former president Donald Trump styled himself as something that would have seemed unlikely not long ago."He said he would be the crypto president," tech executive Trevor Traina, who attended the fundraiser, told <a target="_blank" href="https://www.reuters.com/world/us/trump-pitches-himself-crypto-president-san-francisco-tech-fundraiser-2024-06-07/">Reuters</a> that month.It's not a title the Republican candidate would have donned as eagerly during his first term.In a <a target="_blank" href="https://x.com/realDonaldTrump/status/1149472282584072192?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1149472282584072192%7Ctwgr%5Ecea47b057a83ec0fd098385feddadcf40a3b7a3d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.nbcnews.com%2Ftech%2Ftech-news%2Ftrump-says-he-s-not-fan-cryptocurrencies-n1029116">series of tweets</a> in 2019, then-President Trump made it clear that he had no love for crypto."I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air."He stuck to this view until at least 2021, telling Fox Business that bitcoin "<a target="_blank" href="https://markets.businessinsider.com/currencies/news/trump-bitcoin-commentary-seems-like-scam-against-the-us-dollar-2021-6-1030500598">seems like a scam.</a>" When making these points, Trump often <a target="_blank" href="https://www.foxbusiness.com/politics/crypto-potentially-a-disaster-waiting-to-happen-trump.amp">reiterated that the industry needs strict regulation</a>.Yet, with the 2024 election looming, Trump's stance has flipped almost completely.After telling CNBC earlier this year that he was no <a target="_blank" href="https://www.youtube.com/watch?v=91W2qqk0HAg">longer certain about taking crypto away</a>, by May, he declared that the US should be the industry's <a target="_blank" href="https://www.theblock.co/post/296773/donald-trump-once-a-bitcoin-skeptic-declares-support-for-crypto-in-truth-social-post">global leader</a> in the space."Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death," he wrote in a post on <a target="_blank" href="https://truthsocial.com/@realDonaldTrump/posts/112503319133425856">Truth Social</a>.The comparison to his Democratic rival may be emblematic of one reason crypto has become such a hot election issue — and a heightened focus for both parties."By all accounts, it's expected to be a very tight election," Alan Konevsky, tZERO's chief legal officer, told Business Insider: "Where there's fierce competition for campaign cash, and where crypto and the crypto lobby has shown itself to be an important force from that perspective as well."The numbers back the point. According to a May <a target="_blank" href="https://www.citizen.org/article/cryptobros-united-fairshake-super-pac-2024-elections/">report from Public Citizen</a>, the cryptocurrency sector is becoming a titan of political funding that's hard to ignore. Through the 2024 election cycle, crypto-backed super PACs raised over $102 million, the third-most among all super PACs.Trump's pledges to support US crypto miners or loosen regulatory overhangs are granting him access to fresh funds from the industry. For instance, one crypto executive told CNBC the space was now committed to <a target="_blank" href="https://www.cnbc.com/2024/06/13/donald-trump-says-he-wants-all-future-bitcoin-to-be-mined-in-the-us.html">donating $100 million to his campaign</a>."As an industry we are committed to raising over $100 million and turning out more than 5,000,000 voters for the Trump reelection effort," BTC Inc. CEO David Bailey said.On the other hand, crypto's rise in the electoral contest also stems from how important the topic has become to the American public, something that may have been underestimated before, Konevsky noted.For instance, about<a target="_blank" href="https://www.grayscale.com/elections#block-6495"> half of young voters</a> surveyed by Grayscale said they will consider a candidate's crypto position before voting.The increasingly bipartisan nature of crypto is also influencing President Biden's platform. He, too, has opened to crypto donations, and his administration has adjusted regulators' approach to the industry.The growing political embrace of crypto means that <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-record-100000-mike-novogratz-cryptocurrency-regulation-trump-policy-2024-6">it might not matter</a> who wins in the long run, billionaire crypto bull Michael Novogratz said. Pro-industry efforts are also being pushed by Congress, such as <a target="_blank" href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409277">the Financial Innovation and Technology bill</a>.But for the near-term, the market appears more confident in Trump to help the sector.In late June, Bernstein highlighted that if Republicans look more likely to win November's election, Trump's promises of better regulation will help bitcoin rise through the fourth quarter."If the election sentiment shifts more Republican, crypto would end up as the primary 'Trump trade' and hopes of a favorable regulatory regime would change the 'use-case' narrative around blockchains such as ETH," analysts wrote.It's also important to watch how regulatory and court appointees may change under a different administration, Konevsky noted. Aside from questions of who leads market watchdogs like the Securities and Exchange Commission, <a target="_blank" href="https://markets.businessinsider.com/news/commodities/xrp-price-ripple-crypto-us-judge-says-not-sold-security-2023-7">crypto lawsuits</a> have placed judges front-and-center as the decision-makers on questions related to the market.

How Trump flipped from bitcoin skeptic to 'crypto president'

<ul class="summary-list"><li>Bitcoin has declined 8% in the past two days amid selling by Mt. Gox bitcoin recipients and government wallets.</li><li>The bankrupt Mt. Gox still holds about 140,000 bitcoin and has started to repay creditors and former customers.</li></ul>Bitcoin has plunged 8% over the past two days, is down 12% since the start of July, and is trading at its lowest level since February.The sharp decline has been accompanied by a wave of selling by notable bitcoin holders, including the defunct Mt. Gox cryptocurrency exchange and the governments of Germany and the US.Mt. Gox, which at one point was the largest cryptocurrency exchange, went bankrupt in February 2014 after <a target="_blank" href="https://www.businessinsider.com/mt-gox-ceo-mark-karpeles-hacked-i-was-about-to-die-2018-3">a series of hacks stole nearly one million bitcoin from its customers.</a>A decade later, Mt. Gox on Friday has started to repay some of the $9 billion it owes to its creditors and customers via bitcoin and bitcoin cash, according to <a target="_blank" href="https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf">a statement from the company.</a>Cryptocurrency wallets tied to Mt. Gox show the defunct exchange still holds nearly 140,000 bitcoin that have yet to be repaid, according to data provider Arkham Intelligence.Meanwhile, recent bitcoin transfers from wallets associated with the German and US governments suggest both are liquidating some of their bitcoin stash.Arkham Intelligence <a target="_blank" href="https://x.com/ArkhamIntel/status/1808796101975175473">said the German government sold up to $175 million</a> in seized bitcoin on Thursday. The government still holds about 40,000 bitcoin worth more than $2 billion.According<a target="_blank" href="https://blockworks.co/news/us-german-governments-selling-bitcoin"> to Blockworks,</a> both the US and German governments have sent a combined $738 million to bitcoin exchanges over the last two weeks, suggesting that they will imminently be sold.All of this selling pressure has sent the price of bitcoin below key technical support levels.Bitcoin is <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-drop-cryptocurrency-crypto-market-downturn-correction-58000-2024-7">trading below its 200-day moving average</a> of around $59,500, suggesting more downside ahead.Fairlead Strategies <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-sell-off-support-level-downside-crypto-btc-2024-6">highlighted $60,000 as a key support level that has since been broken.</a> The decisive breakdown puts bitcoin's next support level target at around $51,500.

Bitcoin plummets as $9 billion Mt. Gox payout begins and government selling adds pressure

<ul class="summary-list"><li>At least $2 billion on decentralized crypto exchanges has been wash traded since 2020, according to a new report.</li><li>Wash trading is a form of market manipulation where a fraudster is trading with themselves.</li></ul>Decentralized crypto exchanges are a hotbed for a certain type of fraud known as wash trading, according to a new report from Solidus Labs.The blockchain research firm found that at least $2 billion worth of cryptocurrency on ethereum-based decentralized exchanges have been <a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1">wash traded</a> since September 2020. The fraudulent practice has manipulated the price and volume of about 20,000 tokens on DeFi exchanges, the firm said.Wash trading is a form of market manipulation where fraudulent parties are essentially trading when themselves to artificially boost the price of a crypto token and give the illusion of liquidity, which piques the interest of other crypto investors. Fraudsters have especially high incentive to wash trade on decentralized crypto exchanges, where crypto trades are made with no middleman, the report said. That's because transaction fees are often lower on DeFi exchanges, and fraudsters are aiming to attract as many investors to the tokens they're trading as possible. "A token deployer's ability to either get their token listed on a centralized exchange or rug-pull their investors for profit depends upon their skill in attracting speculators to the liquidity pool on which their token is traded. We find that many token deployers will resort to [decentralized exchange] wash trading to do so," the report said. The trends runs contrary to the general perception of DeFi exchanges, which are seen by some investors as a safer alternative compared to centralized exchanges like <a href="https://markets.businessinsider.com/news/currencies/ftx-crypto-implosion-vaporized-billions-dollars-sam-bankman-fried-explained-2022-11">FTX</a> and <a href="https://markets.businessinsider.com/news/currencies/binance-sec-lawsuit-780-million-outflows-assets-safe-crypto-investors-2023-6">Binance</a>, which are sometimes viewed as less transparent. Decentralized platforms, it is argued, benefit from users trading directly with one another rather than handing tokens over to the exchange as a middleman. <a href="https://www.theblock.co/data/decentralized-finance/dex-non-custodial">Inflows into DeFi exchanges</a> surged in late 2022 through early 2023, in the months following FTX's collapse, according to data compiled by The Block.A working paper from the National Bureau of Economic Research previously found that <a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1">wash trades accounted for nearly all of transactions made on non-compliant crypto exchanges</a>, and crypto investors have sounded the alarms on wash trading as a major form of fraud in the industry. The practice could be responsible for the next "implosion" to hit the crypto space since the FTX saga, according to "Shark Tank" investor and longtime crypto bull <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-crypto-contagion-wash-trades-ftx-crash-alameda-sbf-2023-1">Mark Cuban</a>.

Decentralized cryptocurrency exchanges are awash in fake trades, research report says

<ul class="summary-list"><li>Bitcoin's 16% sell-off this month is testing a key support level at around $60,000.</li><li>This support level is bolstered by Bitcoin's 200-day moving average of just under $58,000.</li></ul>The steady decline in bitcoin this month has the cryptocurrency testing a key support level that could ultimately give way to a more painful sell-off.Bitcoin dropped 4% on Monday and is down 16% since its June 7 high of nearly $72,000, hitting an intra-day low of about $60,000 on Monday.According to Fairlead Strategies founder Katie Stockton, $60,000 represents a key line in the sand that should act as support for the price of the world's biggest cryptocurrency.But if it doesn't, and bitcoin decisively breaks below $60,000, that suggests the token could continue its descent to its next support level at around $51,500."Support is now bolstered by the 200-day MA, giving it more significance," Stockton said in a note to clients on Monday.Bitcoin's rising 200-day moving average is at just under $58,000."There are no 'Buy' signals, so we would await support discovery in bitcoin. Should a breakdown occur, it would put next support near $51,500," Stockton said.A further decline to $51,500 would represent potential downside of about 15% from current levels, and it would represent a decline of 30% from its record-high of nearly $74,000 reached in March.<div type="image" title="Bitcoin price prediction" height="644" width="1163" msid="111240017" hostid="261" sizebytes="34212"></div>The latest sell-off in bitcoin <a target="_blank" href="https://markets.businessinsider.com/news/stocks/bitcoin-price-stock-market-outlook-warning-signs-nasdaq-sell-off-2024-6">has also rang alarm bells for the broader stock market,</a> according to one Wall Street analyst."Recently the weakening of bitcoin signals an imminent <a target="_blank" rel="" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a> summer correction and consolidation phase," Stifel strategist Barry Bannister said last week.

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